Just heard from a manager in another district today 5/10/19 that WFT was going to do chapter 11.
And I heard the reverse split on stock hasn’t been done (read the ballots went out last Wednesday).
Thoughts?
17 replies (most recent on top)
Finally
Insider trading?! Do you not think that their stock position was already wiped out when we dropped below a dollar? They had virtually nothing left to lose!
Less conspiracy more reality please!
And now the SEC investigation should begin ex oficio on insider trading. How many Wft exec and managers (and their relatives and friends) aware of the upcoming Ch11 have sold their stock positions days before the announcement?
Come on, knowing the greed of these guys, there is no way they just accepted the early news and passively sat watching their account balance being wiped out.
If the $10 million example is true, and there were no mitigating circumstances, then that manager should have been fired 100%.
The company needs to be hard but fair on all staff in the restructured entity. None of this Weatherford family bull c-ap. We all get held accountable for our performance and if we don’t meet achievable expectations then we get managed out of the company.
I can name you a manager who ran up 10,000,000 in debt and is still with Weatherford. The clown just got moved, re invented and is still at the trough. He isn’t just an isolated case either, Weatherford is famous throughout the patch for its terrible management and even worse sales, so don’t try giving us that bull about managers being blameless.
I’m continually bemused by the ‘it’s the managers fault’ whining that seems to appear daily. What manager ran up the $8 billion in debt? Answer is NONE of them. The execs from years gone by are the root cause of the debt, and the debt is the root cause of our downfall.
Please continue with the ‘it’s the managers fault’ pity party but all you succeed in doing with that line is prove that you are ignorant of the real root cause.
Thank the lord the current execs have now shown some backbone, we should have restructured the debt years ago. This is when the real transformation begins. Bring it on.
Agree with the chapter 7 option, some merciless culling needs to be done with Weatherford management who through sheer incompetence have steered us on the rocks. These clowns need to be thrown in the garbage where they belong.
Yep, we are going chapter 11 - confirmed from the company investor relations page and the 10-Q filing. It had to be done, the debt was k--ling us.
Now when we emerge from chapter 11 we’ll get picked off by competitors who want to eliminate competition / increase margin without taking on the current debt.
Times they are a changing!
Chapter 7 seems a better option. Get upper management out on to the unemployment line.
Feb 1st, 2019 - As Weatherford slides deeper in red, CEO rules out bankruptcy
Weatherford International is not going to file for bankruptcy, the struggling oil field service company's CEO Mark McCollum told investors on Friday.
https://www.houstonchronicle.com/business/energy/article/Weatherford-slides-deeper-into-the-red-with-2-8-13580145.php
And everyone will still get their bonuses!
Just loaded up my pcard with beer from Wally. Every man for himself.
The fourth largest oil services company going BK, who would guess...
https://twitter.com/TheLayoff/status/1126987338767306752
Abrupt Postponement of First-Quarter Earnings Release = DOOM
The reverse split was just a false notion to buy a few weeks. If the share is going to zero and become null and void as part of the bankruptcy, it doesn’t matter whether there are a billion shares or 50 million shares outstanding. They will all get replaced with1percent of the new company that emerges from bankruptcy.
Long old thread on WFT Bankruptcy @Ri4usJH